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The Budget's main focus is on short-term measures, aimed at generating extra revenue or as a response to political pressures and lobbyingCredit:
EPA

It is Budget time again. On Wednesday, George Osborne will deliver his eighth Budget as Chancellor of the Exchequer. Since the Second World War, only Gordon Brown has delivered more – 11 in total between 1997 and 2007.

The short-term outlook for the economy and public finances is not as favourable as when the Chancellor delivered his Autumn Statement last November. But the UK is still likely to achieve more than 2pc growth this year and next – which would mean we will be close to the top of the G7 growth league, alongside the US. The deficit for the coming financial year may be around £60bn rather than the £50bn forecast last autumn. But it will still be coming down over the years ahead, creating...